Provident Financial Services, Inc. (NYSE:PFS) Sees Large Decrease in Short Interest

by · The Cerbat Gem

Provident Financial Services, Inc. (NYSE:PFS – Get Free Report) was the recipient of a significant decrease in short interest in the month of September. As of September 30th, there was short interest totalling 3,500,000 shares, a decrease of 19.5% from the September 15th total of 4,350,000 shares. Based on an average daily trading volume, of 909,900 shares, the days-to-cover ratio is currently 3.8 days.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Keefe, Bruyette & Woods raised Provident Financial Services from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $20.00 to $21.00 in a research note on Thursday, August 15th. StockNews.com lowered Provident Financial Services from a “hold” rating to a “sell” rating in a research note on Monday, July 29th. Finally, Royal Bank of Canada upped their price objective on shares of Provident Financial Services from $18.00 to $21.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. One investment analyst has rated the stock with a sell rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $20.67.

Read Our Latest Stock Analysis on Provident Financial Services

Provident Financial Services Stock Up 4.1 %

Provident Financial Services stock traded up $0.74 during mid-day trading on Friday, reaching $18.83. 549,096 shares of the company were exchanged, compared to its average volume of 919,929. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market cap of $2.46 billion, a P/E ratio of 11.77 and a beta of 1.03. The business has a fifty day moving average of $18.16 and a 200 day moving average of $16.19. Provident Financial Services has a 12-month low of $13.07 and a 12-month high of $19.59.

Provident Financial Services (NYSE:PFS – Get Free Report) last issued its quarterly earnings data on Thursday, July 25th. The savings and loans company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.39). The company had revenue of $141.51 million for the quarter, compared to the consensus estimate of $148.60 million. Provident Financial Services had a net margin of 9.38% and a return on equity of 4.95%. Provident Financial Services’s revenue for the quarter was up 42.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.45 EPS. Research analysts anticipate that Provident Financial Services will post 1.72 earnings per share for the current fiscal year.

Provident Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were paid a dividend of $0.24 per share. The ex-dividend date was Friday, August 16th. This represents a $0.96 annualized dividend and a dividend yield of 5.10%. Provident Financial Services’s dividend payout ratio (DPR) is presently 60.00%.

Insider Transactions at Provident Financial Services

In other Provident Financial Services news, EVP Vito Giannola sold 5,499 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $18.09, for a total value of $99,476.91. Following the transaction, the executive vice president now owns 88,656 shares of the company’s stock, valued at $1,603,787.04. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 4.29% of the company’s stock.

Institutional Investors Weigh In On Provident Financial Services

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Signaturefd LLC increased its position in shares of Provident Financial Services by 991.2% during the second quarter. Signaturefd LLC now owns 1,855 shares of the savings and loans company’s stock worth $27,000 after purchasing an additional 1,685 shares in the last quarter. Rise Advisors LLC purchased a new stake in Provident Financial Services in the second quarter valued at about $29,000. Nisa Investment Advisors LLC boosted its holdings in Provident Financial Services by 43.0% in the second quarter. Nisa Investment Advisors LLC now owns 4,050 shares of the savings and loans company’s stock worth $58,000 after acquiring an additional 1,218 shares in the last quarter. EntryPoint Capital LLC purchased a new stake in shares of Provident Financial Services during the first quarter worth about $76,000. Finally, Bayesian Capital Management LP purchased a new stake in shares of Provident Financial Services during the first quarter worth about $149,000. Hedge funds and other institutional investors own 71.97% of the company’s stock.

About Provident Financial Services

(Get Free Report)

Provident Financial Services, Inc operates as the bank holding company for Provident Bank that provides various banking products and services to individuals, families, and businesses in the United States. Its deposit products include savings, checking, interest-bearing checking, money market deposit, and certificate of deposit accounts, as well as IRA products.

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